NEW YORK, June 27, 2023 (GLOBE NEWSWIRE) -- Superlatus, Inc. (“Superlatus”) (“the Company), a U.S.-based holding company of food products and distribution capabilities, which on June 23, 2023 announced the signing of a binding letter of intent (the “LOI”) to be acquired by TRxADE HEALTH, Inc. (NASDAQ:MEDS) (“TRxADE”), a pharmaceutical exchange platform provider (the “Merger”), today announced new appointments to the Company’s management team.
Below are the names and biographies of the new members:
Dr. Eugenio Bortone – President and COO
Dr. Bortone has successfully created new-to-the-world innovation for new products and new technologies. He has held several positions in PepsiCo that included Sr. Global Technical Extrusion Leader, and Senior Scientist for the Global Nutrition Group. During his tenure in PepsiCo he developed and launched several multimillion-dollar products such as Twisted Cheetos, which brought the Cheetos Brand for the first time to a Billion dollars in sales. At the end of his career in Frito Lay North America he had 20 authored patents. For his creativity, in 2004 he was recognized by PepsiCo with the World Wide Creative Award, Chairman’s Award, and in 2010 was the first recipient of the Thomas Edison Award. In 2017, he applied for 7 patents, and in December 2018 the USPTO awarded the first 3. Gino is a Certified Food Scientist, and has a Ph.D. in Grain Science, a MS in Nutrition, and a BS all from Kansas State University.
Tim Alford
Mr. Alford currently serves as the interim CEO and will transition into the position of Chief Commercialization Officer (CCO) to focus on the aggressive M&A strategy of the Group and will work closely with Dr. Bortone and the Board.
Superlatus’ interim CEO, Tim Alford, commented: “We are proud of our newly appointed management team members who are highly skilled and have deep expertise in the food and agribusiness sector. Working closely with our Board of Directors, these talented and experienced management team members will work to bring products from tech to implementation. Leveraging the knowledge of these accomplished individuals will be important as we close on potential acquisitions, implement on our aggressive acquisition strategy, and unlock the synergies of the various acquired entities to grow our revenues and maximize our market share in this dynamic and competitive industry.”
Recently, the Company announced that it had signed a binding letter of intent (the “LOI”) to be acquired by TRxADE HEALTH, Inc. (NASDAQ: MEDS) (“TRxADE”), a pharmaceutical exchange platform provider (the “Merger”). The Merger is subject to customary closing conditions including completion of due diligence, delivery of audited financials, approval of a continued listing by Nasdaq and completion of any regulatory approvals.
The Board of Directors of both companies have unanimously approved the LOI, and the Merger would be expected to close in late third quarter or early fourth quarter of 2023.
About Superlatus, Inc.
Superlatus is a diversified food technology company with distribution capabilities. We scale food innovation and transformational change to our food systems to optimize food security and population health via innovative CPG products, agritech, foodtech, plant-based proteins and alt-proteins. We provide industry-leading processing and forming technologies that create high nutrition, high taste, and textured foods. Our management team consists of world-class food executives with an unparalleled understanding of technology and taste. For more information on Superlatus, please visit Superlatus’ website at https://www.superlatusfoods.com.
About TRxADE HEALTH, INC.
TRxADE HEALTH (NASDAQ: MEDS) is a health services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the U.S. The Company operates the TRxADE drug procurement marketplace serving approximately 14,500+ members nationwide, fostering price transparency and under the Bonum Health brand, offering patient centric telehealth services. For more information on TRxADE HEALTH, please visit the Company’s IR website at investors.trxadegroup.com.
Forward-Looking Statements
This press release contains certain statements that may be deemed to be “forward-looking statements” within the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our industry, our beliefs and our assumptions. Such forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to a number of risks and uncertainties (some of which are beyond our control) that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements. These risks include risks relating to agreements with third parties; our ability to raise funding in the future, as needed, and the terms of such funding, including potential dilution caused thereby; our ability to continue as a going concern; security interests under certain of our credit arrangements; our ability to maintain the listing of our common stock on the Nasdaq Capital Market; claims relating to alleged violations of intellectual property rights of others; risks that one or more conditions to closing of the Merger may not be satisfied within the expected timeframe or at all or that the closing of the proposed Merger will not occur; the outcome of any current legal proceedings or future legal proceedings that may be instituted against the parties or others, including proceedings related to the Merger documents; the occurrence of any event, change or other circumstance or condition that could give rise to the termination or abandonment of the Merger; unanticipated difficulties or expenditures relating to the proposed Merger; potential difficulties in employee retention as a result of the announcement and pendency of the proposed Merger; whether the combined business of TRxADE and Superlatus will be successful; and those risks detailed in TRxADE’s most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. The TRxADE undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as otherwise provided by law.
Investor Contact:
Skyline Corporate Communications Group, LLC
Scott Powell, President
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: info@skylineccg.com
